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|03-18-2010, 04:21 AM||#1 (permalink)|
Types - kinds of a cheque
Q.11. Define the different types / kinds of a cheque.
TYPES / KINDS OF A CHEQUE
Cheque may be of different types. Some of them are
Order Cheque is a which is expressed to be so payable or which is expressed to be payable to a particular person without containing words prohibiting transfer or indicating that it will not be transferable.
They are payable in cash at the counter of the banks to the bearer of the cheque.
These type of cheques are not encashed at the counter but which can be collected only by a bank from the drawer bank. But these days an individual can also draw a crossed cheque for the purpose of safety and security in certain cases.
A bearer cheque is that which can be cashed for the bank by the bearer of the cheque. Any person who is in possession of a bearer cheque can cash it without any difficulty.